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Harvest Health & Recreation Continues California Growth with Pasadena Dispensary License Win

  • Pasadena marks seventh license in California showcasing aggressive growth in state and expanding national footprint of retail and wholesale licenses across U.S.
  • Harvest among top scoring applicants in highly regulated district noted for quality-driven retail operations and commitment to improving the local community

PHOENIX–(BUSINESS WIRE)–Harvest Health & Recreation, Inc. (CSE: HARVOTCQX: HRVSF) (“Harvest”), a vertically integrated cannabis company with one of the largest and deepest footprints in the U.S., was awarded a dispensary license to operate in Pasadena1, (subject to the local Conditional Use Permit process and state regulatory requirements), marking the seventh California license for the fast-growing company. Harvest was among the top-scoring applicants from a pool of 128 applications to obtain licenses in the city, receiving top recognition for its high-level of sophistication, best-in-class experience, and world-renowned team of experts in operating quality-driven retail stores with a focus on bettering the community.

“Pasadena’s affluent community and close proximity to the world’s largest cannabis market of Los Angeles, makes it an ideal destination for Harvest’s growing retail operations that focus on high-quality and safe cannabis experiences and education”

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“Pasadena’s affluent community and close proximity to the world’s largest cannabis market of Los Angeles, makes it an ideal destination for Harvest’s growing retail operations that focus on high-quality and safe cannabis experiences and education,” said Steve White, Harvest’s CEO. “Pasadena’s extensive application process and rigorous requirements show the city’s commitment to only allowing operations that appeal to the community’s prestigious standards. This is a big win for Harvest as we continue to grow our presence in California and drive premiere retail environments that are safe for consumers introducing the people of Pasadena to our leading products, award-winning storefronts and knowledgeable staff.”

Harvest’s dedication to building, acquiring and expanding brands and distribution across its national footprint, provides greater cannabis accessibility for consumers seeking high-quality and trusted experiences. With California as the largest cannabis market in the world, the company’s continued growth in the state sets leading industry standards across operations and vertical integration. Additionally, in California, Harvest recently opened a dispensary in Napa, which is the city’s first medical cannabis location to open its doors to patients, announced retail licenses for one of two dispensary locations in Santa Monica, are soon to open a new location in Venice and are finalizing the acquisition of Falcon International Corp.—the state’s leading operator in logistics serving more than 80 percent of dispensaries. With disciplined business practices, Harvest has excelled past competitors to hold licenses for the right to operate more than 200 retail and processing facilities in 17 states and territories across the U.S.

1 Steve White, CEO of Harvest, Health & Recreation, Inc., holds 100% ownership of the winning license entity, Harvest of Pasadena, LLC, for the benefit of Harvest, Health & Recreation, Inc.

About Harvest Health & Recreation, Inc.

Headquartered in Tempe, Arizona, Harvest Health & Recreation, Inc. is a multi-state cannabis operator (MSO) and vertically-integrated cannabis company. Subject to completion of announced acquisitions, Harvest will have the largest footprint in the U.S., with rights to more than 210 facilities, of which approximately 140 are retail locations, and more than 1,580 employees across 17 states. Since 2011, the company has been committed to aggressively expanding its Harvest House of Cannabis retail and wholesale presence throughout the U.S., acquiring, creating and growing leading brands for patients and consumers nationally and continuing on a path of profitable growth. Harvest’s mission is to improve lives through the goodness of cannabis and is focused on its vision to become the most valuable cannabis company in the world. We hope you’ll join us on our journey: https://harvestinc.com.

Facebook: @HarvestHOC
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Twitter: @HarvestHOC

Forward-looking Statements

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Harvest with respect to future business activities. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) expectations regarding the size of the U.S. cannabis market, (ii) the ability of the Company to successfully achieve its business objectives, (iii) plans for expansion of Harvest, and (iv) expectations for other economic, business, and/or competitive factors.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflects Harvest management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Harvest believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the potential impact of an announcement of a going public transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws, including those related to taxation; the inability to locate and acquire suitable companies, properties and assets necessary to execute on the Company’s business plans; and increasing costs of compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Harvest and market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Harvest has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Harvest does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Contacts

Alex Howe, Head of Corporate Communications
(202) 271-7997
ahowe@harvestinc.com

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